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FSCA statement on Crowd 1

23 June 2020

The Financial Sector Conduct Authority (FSCA) warns the public against an entity called Crowd 1, which is not authorised to render the financial services it is providing. Crowd 1 is neither an authorised Financial Service Provider (FSP), nor is it a representative of an authorised FSP. There is also no record of this entity having applied for a license with the FSCA.

FSCA provisionally suspends the licence of JP Markets SA (Pty) Ltd

22 June 2020

The Financial Sector Conduct Authority (FSCA) has provisionally suspended the licence of JP Markets SA (Pty) Ltd (JP Markets), FSP number 46855, as there is reasonable belief that substantial prejudice to clients or the general public may occur if they continue rendering financial services.

Product suitability at the core of latest license withdrawal and debarment

18 June 2020

The Financial Sector Conduct Authority (FSCA) announced 4 June 2020 that it had withdrawn Ecsponent Financial Services’ (EFS) license for breaches of financial sector laws, most notably its failure to conduct suitability testing before marketing or selling investments. Eight days later the authority confirmed that the key individuals on the EFS license would be debarred for a period of two years. These are the latest developments in a multi-year saga that saw investors, many among them pensioners, lend almost R2 billion to the now-struggling, Ecsponent Limited.

FSCA debars the key individuals of Ecsponent Financial Services (Pty) Ltd

12 June 2020

The Financial Sector Conduct Authority FSCA has debarred Mr Floris Slabbert and Mr Anton Hay, the key individuals of Ecsponent Financial Services (Pty) Ltd (Ecsponent FS), for a period of two years.

quick poll

Question

If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?

Answer

2026, as promised 2027 looks more likely Impossible to say More consultation needed

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